Should I always take multiple applications
Posted my property on turbo tenet, first application seems fine. Should I always wait to get multiple applicants no matter what and if so how long is acceptable to wait before responding.
Yes I believe this broadens your search for a viable tenant
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
I don't know your local laws, you may need to screen first qualified
Quote from @Dylan Maynard:
Posted my property on turbo tenet, first application seems fine. Should I always wait to get multiple applicants no matter what and if so how long is acceptable to wait before responding.
I recommend processing applications as they come in. Don't start them unless they are complete! Offer it to the first approved applicant and give them 24 hours to pay the deposit and lock it in. If they don't, offer it to the next approved applicant.
If you have a criteria as far as credit score, income, and length of time at their job, I dont see why it would be a bad idea to take the tenant that meets your criteria.
Process the complete applications in the order received. If the first one meets your criterion, then accept. States are increasingly prohibiting thumbing through to find the best qualified as it is seen as discriminatory.
If the applicant meets your rental criteria, then I would suggest that you go for it! No need to keep your property vacant "just in case" an even better applicant comes along. Especially since doing so could be seen as discriminatory by the state, as others have observed.
If this applicant meets your rental criteria, but you are still not comfortable with the application, then I would suggest raising the bar on your rental criteria.
If the tenant meets all of your requirements, go ahead and send them a lease. The main reason for waiting is to get good applicants. If you already have one, you have saved yourself time. Everyday the house is not rented, you are losing money.